Mge Energy Inc. · NASDAQ:MGEE
Mge Energy — Investor Presentation (August 2026)
33 slides from Mge Energy's investor presentation, Aug 5, 2026
Slide 1: Leading a powerful clean energy transition
Leading a powerful clean energy transition ENERGY.
Slide 2: Cautionary Note - Forward-Looking Information
Cautionary Note - Forward-Looking Information Certain matters discussed in this presentation include "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. All statements that are not statements of historical facts are, or may be deemed to be, forwar
Slide 3: Company Mission and Values
Company Mission and Values MGE Energy is an investor-owned public utility holding company headquartered in the state capital of Madison, Wis. MGE Energy is the parent company of MGE, your community energy company. With roots in the community dating back more than 150 years, the utility provides affo
Slide 4: Company Highlights
Company Highlights Resilient Revenue Stream and Customer Base Regulated, Highly Visible Growth Forecasted capital investment of ~$1.9B from 2026 through 2030 * 50 consecutive years of dividend increases * Historical §-Year EPS CAGR® of 7.4% * Consistently earning an ROE near authorized levels* * See
Slide 5: Core Businesses Aligned to Pure Play Regulated Utility Strategy
Core Businesses Aligned to Pure Play Regulated Utility Strategy ENERGY. Nonregulated Transmission Madison Gas and Investment All Others? (ATC)? Energy Electric Company (Leased Generation)! Regulated electric and natural gas utility (~75% of 2025 net income) Non-regulated generation resources providi
Slide 6: Earnings and Dividends Growth
Earnings and Dividends Growth Diluted Earnings Per Share Dividends Per Share 7A 6: 5 cack $3.72 . ; $3.25 $3.33 ; ; 7 7 7 ; i 7 2021 2022 2023 2024 2025 2021 2022 2023 2024 2025 50 Consecutive Years of Dividend Growth 6 See slides 31-32 for endnotes mGe ENERGY.
Slide 7: Service Territory Highlights
Service Territory Highlights MGE's service territory is anchored by Wisconsin's premier growth market, supported by a diversified economy, leading employers, and sustained population growth. Dane County projected ~43% population growth through 2050 — highest in Wisconsin? Seat of State government Se
Slide 8: Constructive Regulatory Environment
Constructive Regulatory Environment * Forward-looking test years ¢ Historical approval of various expense deferrals * Fuel Rules (2% bandwidth) and Gas Cost Recovery Mechanism * Preapproval from regulator for major construction projects (Certificate of Authority projects) * Current return on 50% of
Slide 9: PSCW Regulators
PSCW Regulators WISCONSIN COMMISSIONERS PARTY TERM BEGAN Summer Strand (Chair) D Mar 2023 Kristy Nieto* D Feb 2024 Marcus Hawkins* D Apr 2024 TERM ENDS Mar 2029 Mar 2031 Mar 2027 * Pending confirmation + Recent appointments of PSCW Commissioners and confirmation of Chair + Constructive rate outcomes
Slide 10: 2026/2027 Rate Case Outcomes
2026/2027 Rate Case Outcomes TERMS APPROVED ($000s where applicable) 2026 TY 2027 Wy Average Electric Rate Base $1,346,269 $1,537,938 Average Gas Rate Base $375,594 $393,558 Average Common Stock Equity $1,115,374 $1,180,187 Regulatory Equity Layer 56.09% 56.05% Authorized ROE!" 9.80% 9.80% 0.15% Ele
Slide 11: Capital Program Focused on Reliability and Sustainability
Capital Program Focused on Reliability and Sustainability Projected Capital Expenditures ' Includes ~$203 million RockGen Purchase $600 $580 $400 s $300 & p13 $200 $o 2026 2027 2028 2029 2030 2 i Electric Utility @ Gas Utility i Nonregulated al 5-Year Capital Expenditures: $1.9 billion 11 See Cautio
Slide 12: Acquisition of Joint Interest in RockGen Energy Center
Acquisition of Joint Interest in RockGen Energy Center MGE to acquire 168 MW (33.4%) of the RockGen natural gas-fired plant from Dairyland Power Cooperative * $203 million transaction expected to close in late 2027, subject to PSCW approval * Cost-effective natural gas plants add needed reliability
Slide 13: Balanced Funding Approach for Capital Investment Plan
Balanced Funding Approach for Capital Investment Plan Backed by Solid Balance Sheet and Strong Cash Flows Financing capital investments with internally generated cash flow and a balance of new debt and common equity * Financing mix to support MGE’s authorized equity layer * 100% of equity needs thro
Slide 14: Clean Energy Investments
14 Clean Energy Investments Driving Growth MGE Renewable and Battery Storage Projects Wisconsin e Superior Solar 1S MW (2028) Michigan © Fox Solar 10 Mw (2028) Rosiere Wind Farm n MW (1998) | Two Creeks Solar SO MW (2020) Akron Solar 20 MW (2029) ee J 5 Saratoga Solar 15 MW (2028) Minnesota i © Sara
Slide 15: Expanding Generation and Storage Portfolio
15 Expanding Generation and Storage Portfolio raise Namepisto Investment Owmersnip, —Aaated | Anticatad Capacity (sw)! Interest Sunnyside Solar 20 MW $422 100% Approved 2026 Koshkonong Solar 30 MW $632.3 10% Approved 2026 High Noon Solar 30 MW $642 10% Approved 2027 Dawn Harvest Solar 15 MW $34? 10%
Slide 16: Expanding Generation and Storage Portfolio
16 Expanding Generation and Storage Portfolio Mee ante psied ME ube Anticipated Anticipated Project Source Nameplate Investment Ownership ik aes anes me Capacity ($M) Interest PP . Sunnyside Battery 40 MW $702 100% Approved 2026 Darien Battery 7.5 MW $1828 10% Approved 2027 Koshkonong Battery 16.5 M
Slide 17: Customer Affordability
7 Customer Affordability Average residential electric customer bill as percentage of Wisconsin median household income’ 2.25% 2.00% 1.75% 1.50% 1.25% 1.00% 2014 2015 2016 2017 — MGE See slides 31-32 for endnotes. 2018 2019 2020 2021 2022 2023 2024 - - Wisconsin Peer Average MGE works hard to keep co
Slide 18: Strong Credit Ratings
18 Strong Credit Ratings’ S&P (UTILITY RATINGS) MOODY'S (UTILITY RATINGS) * Effective management of regulatory risk * Credit supportive regulatory environment and natural gas distribution operations * Healthy service territory with limited industrial exposure * Focus on regulated vertically integrat
Slide 19: Ongoing Transition Toward Cleaner Energy
Ongoing Transition Toward Cleaner Energy Climate Transition and Our Business MGE Energy is investing in renewable generation and innovative energy solutions to advance portfolio sustainability while improving grid resilience and maintaining energy affordability. The company continues to work toward
Slide 20: Natural Gas Distribution - Emissions Reductions Beyond Carbon
20 Natural Gas Distribution - Emissions Reductions Beyond Carbon Building upon our long-standing commitment to providing affordable, sustainable energy, MGE has set a goal to achieve net-zero methane emissions from its natural gas distribution system by 2035. + MGE is working to reduce overall emiss
Slide 21: Appendix
APPENDIX
Slide 22: Second Quarter EPS by Segment
22 Second Quarter EPS by Segment Three Months Ended June 30 Diluted EPS $0.60 Electric Utility ($0.02) Gas Utility 2026 $0.07 $0.17 NonReg Energy Transmission Other 2025 $0.06 $0.17 EE “s0.01) g 2 & 3 a LJ = 6 ($0.04) $0.89 $0.54 MGE Energy Electric Utility Gas Utility ~NonReg Energy Transmission Ot
Slide 23: Year-to-Date EPS by Segment
23 Year-to-Date EPS by Segment Six Months Ended June 30 2026 2025 $0.14 $0.07 $0.12 — 90.35 $0.33 Diluted EPS $2.21 Diluted EPS $1.30 $1.09 Electric Utility | Gas Utility | NonReg Energy Transmission Other MGE Energy Electric Utility Gas Utility NonReg Energy Transmission ($0.02) Other $1.86 MGE Ene
Slide 24: Strong Record of Regulated Asset Growth
24 Strong Record of Regulated Asset Growth $3,000 $2,500 $2,000 $1,500 $1,000 Net PP&E + CWIP ($millions) $500 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 ENERGY.
Slide 25: Electric Utility Mix
25 Electric Utility Mix Electric Retail Revenues QN Twelve Months Ended December 31, 2025 Electric Retail Volumes dential = Commercial ‘© Industrial = Other Electric Customers ENERGY.
Slide 26: Gas Utility Mix
26 Gas Utility Mix Twelve Months Ended December 31, 2025 Gas Revenues Gas Volumes Gas Customers 3% { : @ Residential = Commercial/Industrial = Other ENERGY.
Slide 27: Allowance for Funds Used During Construction (AFUDC)
Allowance for Funds Used During Construction (AFUDC) AFUDC-Eligible Projects Excluded from Rate Case ticipated MGE_ Anticipated = Anticipated Source Investment ($M)! Approval __In-Service Badger Hollow Wind $36 Approved 2027 Columbia Energy Dome Storage $22? Approved 2027 Dawn Harvest Solar $34 Appr
Slide 28: Leased Generation Facility Investments
Leased Generation Facility Investments West Campus ale tee ae enerating Cogeneration Facility Sea (WCCFY" tation (ERGS)23 Fuel Type Natural Gas Coal ‘Capacity Owned by MGE Energy 157 MW 106 MW Lease Agreement Equity Ratio / ROE 53.0% / 12.1% 55.0% / 12.7% Base Lease Term 30 Years 30 Years a Unit 1:
Slide 29: Transmission Investment Outlook
Transmission Investment Outlook MGE Energy anticipates transmission investment opportunities later this decade through American Transmission Company (ATC) + MGE Energy holds 3.6% equity ownership interest in ATC! + Federal Energy Regulatory Commission (FERC)-regulated formula rates provide predictab
Slide 30: ESG - Disclosures
ESG - Disclosures Below are links to ESG information: Corporate Responsibility and Sustainability Report CDP Climate Change Questionnaire EEI-AGA Quantitative Template FEO-1 Data Report Task Force on Climate-Related Financial Disclosures Report Code of Ethics Occupational Health and Safety Policy MG
Slide 31: Endnotes
Endnotes: 1. Customer and revenue mix as of December 31, 2025. 4 2. Accredit rating is not a recommendation to buy, sell or hold securities and may be lowered or withdrawn by the rating agenoy at any time. 3. Compound annual growth rate (CAGR) of earnings per share refers to the period beginning Dec
Slide 32: Endnotes
32 Endnotes: ide Notes Excluding AFUDC 2. MGE received PSCW approval to recover 100% AFUDC 3. Estimated costs are expected to exceed PSCW previously approved CA levels. Notifications are provided to the PSCW when costs increase above CA levels. MGE has and will continue to request recovery of the up
Slide 33: Thank you.
Thank you. Your Community Energy Company investor@mgee.com Learn more at mge.com. ENERGY.